With Bitcoin dominating headlines, it’s easy to forget that there are actually multitudes of other cryptocurrencies out there. Altcoins, or alternatives to Bitcoin, are often considered to be second-best options.
However, many of these altcoins offer unique features and advantages that could make them more appealing than Bitcoin in certain situations.
The following is a list of the biggest cryptocurrencies by market capitalization:
Bitcoin
Bitcoin (BTC) is the first and most well-known cryptocurrency that was created in 2009 by an anonymous individual or group under the alias Satoshi Nakamoto. Bitcoin is a decentralized currency, meaning it is not subject to the whims of central banks or governments.
As of December 2020, the price of Bitcoin is $20,247 and the market capitalization is $386 billion.
Ethereum
Ethereum (ETH) is the second-largest cryptocurrency with a market capitalization of over $168 billion as of January 2021. Its price is around $1,375 per ether.
Ethereum was proposed in 2013 by Vitalik Buterin, a Russian-Canadian programmer. The system went live on 30 July 2015 with 11.9 million coins pre-mined for the crowd sale.
Tether
The tether (USDT) market cap is at its highest point in history, peaking at $2.6 billion. This comes as a result of the recent bull run that has many altcoins on the move up. Overall, this is a positive sign as it signals more confidence in the crypto markets and brings more attention to the field of cryptocurrencies as a whole.
With an ever-increasing number of people becoming aware of cryptocurrencies and interested in investing, the sector has seen a lot of interest from investors and new players alike. With the highest market cap for Tether, this could mean that there is the potential for a market downturn if investors decide to switch their focus to Ripple or another currency such as Ethereum.
BNB
Bnb is currently the world’s 5th most valuable cryptocurrency and has made rapid progress in the last two months. With an average daily volume of around $9 million, it makes the top ten exchanges in terms of daily volume. Compared with other coins, its trading volume is mainly concentrated on Binance and OKex, which account for over 50% of its total trading volume.
It has a Price of $294.92 and $47 billion market cap. As crypto prices today fluctuate, Binance Coins offers stability and peace of mind to investors.
USD Coin
USD Coin (USDC) is a stablecoin that is pegged to the US dollar and is backed by assets that are held in accounts with regulated US institutions. The currency has a fixed price of $1.00, and its market cap is $46 billion. USD Coin is designed to provide a stable and trustworthy store of value for users of the coin.
Cardano
Cardano (ADA) uses smart contracts, which enable identity management, and it is powered by the Ada currency. As of June 2021, the Cardano price is $0.4325 and the market cap of Cardano is over $15 billion. Cardano has a strong team of developers and scientists who are constantly innovating and improving the platform.
Dogecoin
Dogecoin (DOGE), a digital currency originally created as a joke, has seen a surge in popularity in recent months. Its name comes from an internet meme featuring a Shiba Inu dog, and it has unlimited issuance, meaning that new coins can be created as needed.
DOGE can be used for payments or sending money, and its price has been rising steadily. As of the time of writing, it is worth $0.06584 per coin and has a market cap of $9 billion.
Solana
Solana (SOL) is a newer cryptocurrency that was launched in March 2020. It uses an innovative “web-scale” platform that is designed to be fast and reliable. One of the key features of Solana is its speed; it can reportedly complete transactions in just under a second.
The currency itself, called SOL, is capped at 480 million coins. Today, the price of SOL is $34.13 and the market capitalization is $12 billion.
Terra
Terra (LUNA) is a blockchain payment platform that uses the value of physical currencies to stabilize the value of its own digital currency, TerraUSD. The platform works by maintaining a balance between two types of cryptocurrency: Terra-backed stablecoins and Luna, which powers the Terra platform.
Since hitting an all-time low in January 2021, the price of Luna has surged by over 14,200%. This impressive rally has pushed the market capitalization of the token to over $34 billion.
Chain
The Chain (XCN) uses a blockchain-based platform that allows for the development and running of a smarter and more connected economy. The Chain ecosystem is powered by Sequence, a ledger-as-a-service platform.
Sequence allows for the development of more efficient financial services from scratch. Currently, XCN price is $0.05696 and market cap of $1.329 billion.
XRP
Ripple was founded in 2012 and is now known as XRP. It offers a way to pay in many different real-world currencies, using a trust-less mechanism to facilitate payments. Its native currency, XRP, is the third largest cryptocurrency by market capitalization with a market cap of $25 billion and a price of $0.4989 as of January 2021.
Polkadot
Polkadot is a protocol that associates the technology of blockchain from other cryptocurrencies. Launched in May 2020 with a price of $6.46 and market cap of $7 billion, Polkadot was created by a co-founder of Ethereum.
In Conclusion
Cryptocurrencies have seen wild swings in value over the past year, have high-risk endeavors and the market is still developing, so it is important to be cautious when considering digital assets. Therefore, it is important to only invest what you can afford to lose in this highly volatile market.
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